ProGreen Properties Inc., a company engaged in the business of acquiring, refurbishing, and upgrading residential real estate in the State of Michigan, has recently announced the following business update.
Having established and administered the ProGreen concept in the Company’s wholly owned properties, creating a solid rental record over the course of the previous year, arriving at a 15%+ return, ProGreen is now prepared to move to the next level of property investments.
ProGreen now aims to acquire large-scale multi-family real estate properties and is currently looking at several bank-owned complexes, which range from 67-300 units. ProGreen believes that there is an immediate opportunity to acquire highly distressed multi-family properties in the state of Michigan and in some other areas, where the administration of the ProGreen concept will create a new attraction and aspect to living in an apartment.
ProGreen is also looking into the viability of taking the ProGreen concept a step further in connection with these bigger projects, with the possibility of implementing solar technology along with advanced sustainable eco solutions.
ProGreen has a goal to be able to showcase its first “green” apartment complex, attracting a new crowd of renter, which will appreciate and believe the necessity of green technology in the residential market. The Company believes that this “new” kind of renter, who fully understands the beneficial aspects of living in an eco-friendly home, providing for more comfort and reduced costs for utility, will be growing over the upcoming years.
If ProGreen’s multi-family properties can be at the forefront of this “new wave” of green apartment living, it will create better loyalty from renters, increased occupancy, with corresponding higher returns in rental and in the process increase real estate values.
Even though financing is currently very restricted in the United States, the Company has identified various European investor groups, with whom the company is currently in talks with, to partner up with ProGreen in order to finance these larger scale projects. They are also reviewing other potential real estate lenders in the United States in order to secure the funding that is necessary.
“We are very excited to now be able to focus on bigger projects, vital for our company to be able to create substantial growth. Our experience gained during the past year, has been extremely valuable and will serve as a spring board for larger property investments. We can see the coming two years being a ‘window’ for very good opportunities. In our opinion, timing is now right as we believe the real estate market has now bottomed out and some ‘green shoots’ are starting to show in the real estate market,” says Jan Telander, President & CEO.
For more information on the Company, visit their website: www.progreenproperties.com
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